Riyadh – Mubasher: Moody’s Investors Services has assigned A3 insurance financial strength rating (IFSR) rating to Chubb Arabia Cooperative Insurance Company, with ‘stable’ outlook.
Saudi Arabia-based Chubb Arabia Cooperative Insurance Co is a subsidiary of Chubb INA International Holdings Ltd.
The New York-based rating agency ascribed Chubb’s rating to the fulfillment of robust standalone financial fundamentals of its operations, as well as one-notch support arising from its affiliation to Chubb INA International Holdings.
“Chubb Arabia occupies a low-mid Saudi Arabian market position being number 26th in terms of premiums written, with a 0.6% market share,” Moody’s said in a statement on Tuesday.
The international rating firm further noted that Chubb has not distributed any cash dividends since inauguration nine years ago.
“The stable rating outlook reflects our expectation that, with the support of Chubb, Chubb Arabia will maintain its strong profitability and capital
adequacy,” the statement added.
Moody’s indicated that Chubb’s rating will be upgraded in the next period if the company boosts its performance, financial position, raises market share.
